کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5102332 | 1479849 | 2017 | 50 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The (little) difference that makes all the difference between Islamic and conventional bonds
ترجمه فارسی عنوان
تفاوت اندکی که باعث ایجاد اختلاف بین اوراق قرضه اسلامی و متعارف می شود
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کلمات کلیدی
اوراق قرضه اسلامی، سوکوک، رتبه بندی اعتباری باند،
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper examines whether conventional bond ratings determinants can be similarly applied to Islamic bonds (sukuk) or if the specific Islamic features impact their credit ratings. We incorporate Islamic bond features as well as these conventional credit risk measures into the bond credit ratings model of Blume, Lim and MacKinlay (1998). We then test the model on a sample of Malaysian Islamic bonds. Our results confirm that conventional firm characteristics such as debt and size likewise drive Islamic credit ratings. Islamic bond characteristics such as the type of religious (Shariah) advisor, the regulatory changes by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the bond issuer's industry also influence their ratings. We also find that Islamic bonds were insulated from financial shocks in the conventional financial markets in 2008.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Pacific-Basin Finance Journal - Volume 42, April 2017, Pages 46-59
Journal: Pacific-Basin Finance Journal - Volume 42, April 2017, Pages 46-59
نویسندگان
Saad Azmat, Michael Skully, Kym Brown,